Market Size of Automotive Valves Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Valves Market Analysis
The automotive valves market was valued at USD 31.20 Billion in 2021 and is expected to reach USD 39.48 Billion by 2027, registering a CAGR of 4% during the forecast period.
The Covid-19 pandemic adversely affected the valves market. This was mainly attributed to the halt in production of both valves and the complete vehicles as a result of worldwide lockdown and social distancing norms implemented due to the pandemic. This has led to an economic downfall of the automotive industry as a whole, and the automotive valves consequently. However, the automotive industry is recovering from the pandemic and witnessed a 5% increase in vehicle sales in 2021 as compared to 2020. This is further expected to continue during the forecast period.
Over the long term, an increase in vehicle production directly increases the demand for valves which in turn is likely to witness major growth for the market. The automobile sector has been concentrating on lowering vehicle emissions. OEMs are working to produce technologically innovative and lightweight car components that will meet the new emission criteria. The valve is one of these components, and it is used to regulate, direct, or control the flow of a fluid (gases, liquids, fluidized solids, or slurries) by opening, closing, or obstructing the flow.
Automotive valves have a direct impact on the performance and responsiveness of several vehicle systems. From mechanical valves to advanced electro-mechanically controlled valve points, the global automotive valves market has evolved. The rise in the use of solenoid valves in electric vehicles increases the performance of the vehicle, which is likely to witness significant growth in the market.
Growing vehicle manufacturer trends toward lightweight vehicles to increase the vehicle fuel efficiency which enhances the demand for lightweight components. However, emission legislation in developed nations is likely to witness major growth in the market during the forecast period.
